Bitcoin is the world’s most popular cryptocurrency. However, there are lots of problems with this digital currency. With having scalability problems, it’s not easy for this blockchain network to perform flawlessly.
On the other hand, Bitcoin cash was developed for securing the future of Bitcoin. With this digital currency, it’s not possible for average people to do everyday work. This is the reason you will know about Bitcoin cash on the Bitcoin Evolution platform.
Well, if you are not aware of Bitcoin cash, we are here to help you out. In this article, we are covering the basic difference between Bitcoin and Bitcoin Cash. You are getting a detailed comparison as well. Let’s get started.
What is Bitcoin?
As you know, Bitcoin is one of the most popular cryptocurrencies right now. This blockchain network was created by Satoshi Nakamoto, an anonymous person/group in 2009. This network was created as a form of peer-to-peer currency that does not depend on the government or central bank.
At first, Bitcoin was created as a result of the mining process. You can trade this digital currency for goods, services, and other currencies. In fact, you can use this digital currency for investment.
However, the real world value can vary. This is the world’s first cryptocurrency and it is based on blockchain technology. Even Bitcoin is the most popular cryptocurrency right now, it has some scalability issues.
What is Bitcoin Cash?
The developers of Bitcoin created Bitcoin cash by using the same code. The main goal of creating this was to improve the scalability of Bitcoin. So, here comes Bitcoin cash that was created in 2017 when the developers wanted to move some portion to another layer.
Bitcoin cash has a larger block size. That means you need a lower transaction fee and less transaction time. So, you can see that Bitcoin cash is cheaper than Bitcoin. An average BTC transaction costs $20 when it only costs $0.03 while doing a BCH transaction.
Plus, Bitcoin cash supports 116 transactions per second. However, being a new project, there are a lot of things to improve.
Bitcoin VS Bitcoin Cash: Detailed Comparison
Now, you know the basics of Bitcoin and Bitcoin cash at bitcoincodedenmark.com. You see there are a lot of differences between these two networks. Let’s find out what are the key differences between them:
Algorithm: Bitcoin has a simple algorithm while Bitcoin cash uses a different hash algorithm. This means it can reduce the possibility of replay between two separate blockchains. The developers had created this to ensure a safety mechanism if this blockchain network crash in the future.
They believe that if something like this happens in the future, both chains will be able to coexist with small disruption. This is the reason Bitcoin cash is way more advanced than Bitcoin.
Scalability: As we mentioned above, Bitcoin has some serious scalability issues. This is the key reason why the developers created the Bitcoin cash project. When you are making a transaction using Bitcoin, it will take a lot of time to complete.
Moreover, you need to pay a high cost per transaction. On the other hand, Bitcoin cash is a lot cheaper (You only need to pay only $0.03 per transaction). Plus, it promises faster transactions than Bitcoin.
Price: When it comes to price, we can see a significant difference between these two. Well, it happens to cause the Bitcoin cash project is still new. For Bitcoin, the price has increased by twelve million percent since 2009. That made this network the most popular one in the crypto world.
On the other hand, Bitcoin Cash is struggling to get a good place. Even many experts are predicting a good future, this blockchain’s value has dropped by 65% since 2017.
Transaction Speed: Transaction speed is one of the key issues between these two networks. Bitcoin’s transaction is a lot slower compared to Bitcoin cash. To be specific, Bitcoin can process around 4-5 transactions per second while Bitcoin cash can process around 116 transactions per second. Moreover, Bitcoin cash is the cheaper option in this comparison.
Conclusion
Finally, you know what are the key difference between Bitcoin and Bitcoin Cash. Both of these are open-source platforms and are made by using the same code. Bitcoin cash is cheaper and faster compared to Bitcoin.
However, Bitcoin is still a new project and it needs a lot of time to grow. If you are thinking about using one of them, make sure you are being careful. You can also do research first.
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Q: Is Bitcoin Cash the same as Bitcoin?
No, Bitcoin cash is not the same as Bitcoin. The main technical difference between these two is Bitcoin cash allows larger blocks in the blockchain. That means you can get a faster and cheaper transaction.
Q: Is Bitcoin Cash worth investing in?
Bitcoin can process around 1,5000 transactions per block where Bitcoin cash can manage over 25,000 transactions per block. This is why Bitcoin cash is a good investment.
Q: Does Bitcoin Cash have a future?
Bitcoin cash was created to improve the scalability of Bitcoin. So, you can say it has the potential. In fact, this blockchain network is good for future investors.
Q: How do Bitcoins work?
Bitcoin is a computer file that is stored in a digital wallet. You can send Bitcoins to someone on their digital wallet. Similarly, you can sell things, get paid, and invest using bitcoins.
Q: Is bitcoin worth investing in?
Even it offers a good return it can be risky to invest in cryptocurrency. Bitcoin is the most popular cryptocurrency but it can be risky as well. Make sure you are not investing a large amount as a beginner.
Q: What will Bitcoin Cash be worth in 2030?
According to some reliable sources about the long-term forecast, the price of Bitcoin cash can touch $2,000 by 2029 as it is predicted to hit $1,000 by 2023.